Dear Sir/Madam,
I have purchased a flat for Rs. 80,00,000/- from a builder. I made him a payment of Rs. 5,00,000/- around 2 months back. I am having receipts of that. For the last 15 days he is putting pressure on me to pay the remaining amount within 10 days (which have already passed now). Now he is saying that either I pay him an interest of 2.5% per month for the balance amount or he will cancel the deal. The registration of agreement of sale has not yet done. Apart from receipts and bank statement of cheque clearing, there is no other paper work.
My questions are :
1.) Can he cancel the deal on his own wish? What can be my stand if this happens? Is there any legal binding?
2.) Can he charge me the interest mentioned above although no terms and conditions are mentioned anywhere?
Thanks for all the help.
